|Ms Magicut Tools Ltd (MTL) was incorporated on 29th April, 1982 in the State of Maharashtra as a Private Limited Company which was subsequently converted as Limited Company on 6th December, 1982 and a fresh Certificate of incorporation was obtained on 2nd July, 1983. On its conversion into Limited Company, name of the company was changed from Magical Tools Pvt. Ltd to Magicut Tools Ltd.
MTL has been engaged in the manufacture of High Speed Steel Tool Bits, hacksaw blades ect. The plant is situated at Palghar in Thane District and was set up with financial assistance from SICOM Ltd. term Loan of SICOM Ltd., has been completely liquidated.
The operations of the company were profitable during the initial two years. Subsequently, the company's working had set back due to unhealthy competition from imported products and it incurred losses. The scenario has now changed with reduction on incidense of import duty on Raw material and Modvat benefit on purchase of Raw MaterialFinished Goods, as announced by Governement of India during last budget. The margins still remain low due to highly competitive trade. the Company is also engaged in the trading of non-ferros metals.
With the growth potential of various industries in the country consequent upon the liberalization, the demand for Copper Lead Bimetal BearingBushes have considerably increased due to it's superior quality, precision and wider application with end users.
Considering the large growth potential for quality Bi-Metal Bearings and Promoters experience in this trade, MTL has chalked out a plan to set up a Copper Lead Bi-metal Bearing manufacturing unit in the existing set up of cutting tools unit at Palghar as a part of Diversification Plan.
The Group is already engaged in the manufacture of Bearings and Bushes unsing conventional method in thier existing small scale units. The Large portion of the production is being sold in the replacement market with supplies to OEM's of Pumps & Engines ect. on a small scale.